Crude Oil Prices Surge, Experts Warn of Petrol Hikes in Nigeria

Global crude oil prices have approached $110 per barrel, raising concerns about potential increases in petrol and diesel prices in Nigeria. Eche Stephen Idoko, Publicity Secretary of the Crude Oil Refiners Association of Nigeria (CORAN), stated that while higher crude prices could enhance government earnings, they would also elevate production and living costs.

He noted that the cost of feedstock for local refineries would rise, indicating that domestic refining cannot fully shield consumers from global price movements. Clement Isong, executive secretary and CEO of the Major Energies Marketers Association of Nigeria (MEMAN), warned that increasing international product prices and distribution costs could further pressure domestic fuel prices.

He highlighted that petrol prices rose by 33% to N1,378 per litre and diesel by 36% to N1,853 per litre from January to October 2026. Isong called for a more efficient distribution system and prioritization of commercially available domestic refinery supplies to mitigate costs.